Does a Joint Venture have to have its own TIN? Can it use the social security number of one of the owners?
We have a foreign individual whose W-8 certification is expiring the end of 2013. This individual is secondary on the account; interest is being reported under the primary owner's SSN. What are the implications, if any, if the foreign individual does not sign the W-8 certification?
Where does the responsibility stop for banks in determining a person's legal status? We know by looking at the SS Card its a fake but yet on Chex Systems and Credit Reports the SSN and Name of customer match up. How do we deny a person based on a fake ID when they've gotten away with it for so long? Do we have the obligation to police the legal status of a customer?
Can an LLC using a social security number have more than one signer?
An account holder passed away and named POD beneficiaries who are not US citizens and do not reside or work in the US. No relation to the US other than a family member left them money. The beneficiaries each want to take their share of the account however do not have SSN or ITIN. What do they need to do? These are non IRA funds.
A spouse dies on a jointly owned CD. Can the name of the deceased be removed and the CD continued to maturity? OR do you let it mature and then change the ownership? Is there a penalty for changing only the name due to the death?
Currently, we don't require our non-resident alien accounts to have ITINs. My understanding is that a non-resident alien can receive an ITIN or SS# (in some cases). With this new reporting requirement of interest paid to non-resident aliens, will we need ITINs on all of our NRA accounts? Otherwise what number do we report them under on the 1042-S?
When filing a CTR on a sole proprietorship where the owner has a separate TIN for the business, which do we supply on the CTR- the SSN for the sole proprietor or the TIN?
A joint account with right of survivorship that has a deceased primary owner: What are the ramifications of reporting interest earned on a deceased primary owner's SSN when an account has a surviving joint owner? Who is liable for these ramifications - we, the institution, or the surviving owner(s)? When a primary owner dies, we request that the surviving owner(s) close the existing account and re-open a new one in their name, but we don't REQUIRE it. Are we doing something wrong?
When you have a joint account and the tax reporting owner passes away, can you just change the SS# on the account to the surviving party and leave the account open or should you close that account and open a new account?